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Morgan Stanley denies moving 2,000 London jobs to Dublin and Frankfurt Morgan Stanley denies moving 2,000 London jobs to Dublin and Frankfurt
(35 minutes later)
Morgan Stanley has denied that it is moving 2,000 jobs to Dublin and Frankfurt following the vote for the UK to leave the EU.Morgan Stanley has denied that it is moving 2,000 jobs to Dublin and Frankfurt following the vote for the UK to leave the EU.
Sources told the BBC on Friday that the process was already underway.Sources told the BBC on Friday that the process was already underway.
The American investment bank was reported to be moving jobs in euro clearing as well as other investment banking functions and senior management. The American investment bank was reported to be moving jobs in euro clearing as well as other investment banking functions and senior management.
A spokesperson for Morgan Stanley told the Independent that the reports were untrue and that the bank has no immediate plans to make changes.A spokesperson for Morgan Stanley told the Independent that the reports were untrue and that the bank has no immediate plans to make changes.
Initial reports suggested Morgan Stanley needed to move staff because of the passporting system, which allows it to offer financial services across all EU nations without having a permanent base in that country. Initial reports suggested Morgan Stanley needed to move staff because of the passporting system, which allows it to offer financial services across all EU nations without having a permanent base in that country.
Businesses are expected to start restructuring, which may include redundancies, as they take stock of the implications of Brexit.Businesses are expected to start restructuring, which may include redundancies, as they take stock of the implications of Brexit.
"I suspect we'll see investment in foreign offices which could offer employees exciting new opportunities to work abroad," said Aneil Balgobin, partner and employment law solicitor at Simpson Millar. HSBC and Goldman Sachs have said they have no immediate plans to move operations out of the UK, despite statements made before the referendum.
HSBC and Goldman Sach have said they have no immediate plans to move operations out of the UK, despite statements made before the referendum.
Stuart Gulliver, HSBC’s chief executive, told Sky News in February that Brexit could see 20 per cent of its 5,000 London investment bankers moved out of London to Paris.Stuart Gulliver, HSBC’s chief executive, told Sky News in February that Brexit could see 20 per cent of its 5,000 London investment bankers moved out of London to Paris.
Goldman Sachs also issued several warnings it would be likely to move some staff out of the City if the UK voted to quit the 28 member bloc.Goldman Sachs also issued several warnings it would be likely to move some staff out of the City if the UK voted to quit the 28 member bloc.
But this morning Douglas Flint, HSBC’s chair, emphasised the bank’s “commitment to British businesses, customers and staff” adding that it “remains undiminished” despite the vote.But this morning Douglas Flint, HSBC’s chair, emphasised the bank’s “commitment to British businesses, customers and staff” adding that it “remains undiminished” despite the vote.
Aneil Balgobin, partner and employment law solicitor at Simpson Millar, said he expected to see investment in foreign offices.
"Employees in the sectors that will be affected immediately might want to dig out their employment contracts this weekend and update themselves with the most relevant paragraphs such as restrictive covenants and redundancy terms," he added."Employees in the sectors that will be affected immediately might want to dig out their employment contracts this weekend and update themselves with the most relevant paragraphs such as restrictive covenants and redundancy terms," he added.
Many City institutions had warned prior to the vote that leaving the EU could mean job losses and movement of operation to the continent.Many City institutions had warned prior to the vote that leaving the EU could mean job losses and movement of operation to the continent.
"The UK’s decision to leave the EU brings with it huge uncertainty for jobs within the financial services industry," Paul Cook, founder a cultural diagnostics firm Alderbrooke, said."The UK’s decision to leave the EU brings with it huge uncertainty for jobs within the financial services industry," Paul Cook, founder a cultural diagnostics firm Alderbrooke, said.
Cook doubed whether jobs would be moved immediately.  Cook doubted whether jobs would be moved immediately.
"Decisions on job cuts and banks moving their headquarters outside of London will not be effective immediately – but the last thing the sector needs is months of uncertainty as to ‘what happens next?’ weighing on the existing cost pressures," he added."Decisions on job cuts and banks moving their headquarters outside of London will not be effective immediately – but the last thing the sector needs is months of uncertainty as to ‘what happens next?’ weighing on the existing cost pressures," he added.